IronFX Daily Commentary by Sakis Paraskevov | 01/11/2016
November 1, 2016 8:53 am
BoJ remains on hold, trims inflation forecasts • BoJ stood pat today, offering little fresh information on policy. • This kept the reaction in JPY muted. BoJ may remain on hold for the rest of the year.
RBA takes the sidelines as well and maintains a neutral bias • RBA held its policy steady too. Overall neutral tone = AUD surged on the news. • RBA could also remain on hold in upcoming months.
Oil slides as OPEC deal prospects diminish • Oil prices slid after a Reuters survey that OPEC production prob. hit a record high in Oct. • Also, recent comments from major producers suggest little progress towards a deal. • Prices remain sensitive to any comments regarding a deal. (OPEC meeting end of Nov.)
Today: • UK: Manufacturing PMI for Oct. is exp. to decline, which may hurt GBP a bit. • Canada: GDP for Aug. is exp. to slow. This may prove CAD-negative. • US: ISM manufacturing PMI for Oct. is exp. unchanged. We see some downside risks to the forecast, perhaps for a slight decline. If so, USD-negative. • Speakers: BoC Governor Stephen Poloz and Norges Bank Governor Oystein Olsen.
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BoJ remains on hold, trims inflation forecasts
• BoJ stood pat today, offering little fresh information on policy.
• This kept the reaction in JPY muted. BoJ may remain on hold for the rest of the year.
RBA takes the sidelines as well and maintains a neutral bias
• RBA held its policy steady too. Overall neutral tone = AUD surged on the news.
• RBA could also remain on hold in upcoming months.
Oil slides as OPEC deal prospects diminish
• Oil prices slid after a Reuters survey that OPEC production prob. hit a record high in Oct.
• Also, recent comments from major producers suggest little progress towards a deal.
• Prices remain sensitive to any comments regarding a deal. (OPEC meeting end of Nov.)
Today:
• UK: Manufacturing PMI for Oct. is exp. to decline, which may hurt GBP a bit.
• Canada: GDP for Aug. is exp. to slow. This may prove CAD-negative.
• US: ISM manufacturing PMI for Oct. is exp. unchanged. We see some downside risks to the forecast, perhaps for a slight decline. If so, USD-negative.
• Speakers: BoC Governor Stephen Poloz and Norges Bank Governor Oystein Olsen.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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